Ludhiana: The raids conducted by investigation wing of the income tax department on Tuesday on 12 premises of city based garment firm Webson Industries (located at Bahadurke Road) and real estate developer Ladoo Group (based in Kitchlu Nagar) and its associates continued on Wednesday. Department’s various teams under instructions from Principal Director (Punjab and J&K) Parneet Sachdev continued with the search operations at various locations till the filing of this news report.According to sources, the teams of high ranking officials of department led by additional director Ritesh Parmar and Assistant director Amanpreet Kaur in addition to finding Rs. 1 crore worth cash from both the groups, have found documents of close to 100 properties from the real estate developer (Ladoo Group) and his other partners based in Haibowal.
These properties prima facie seem to have been purchased against cash but investigation of IT department is still on and exact amount of evasion in this case will be ascertained once the investigation is over. Department has also found foreign currency worth Rs.5 lakh from the developer.
Sources have also revealed that the garment manufacturer came under department’s scanner after he took entries worth Rs. 3 crores under the pretext of Long Term Capital Gain (LTCG) to evade tax and also made cash deposits worth Rs. 9 crores after demonetization which he showed as cash sales. Department’s teams on Wednesday were engaged into stock taking of the firm so that exact amount of cash sales can be calculated.
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